Tax Certificates?
Does anyone know what a Tax Certificate is? Is that the same thing as a Tax Lien?
Any clarification would be helpful. THANKS
Does anyone know what a Tax Certificate is? Is that the same thing as a Tax Lien?
Any clarification would be helpful. THANKS
For a tax lien, once your purchase a tax lien the country issues a tax certificate for that tax lien.
I'm not sure how it works for a tax deed.
[addsig]
Glenni,
Thanks. So, once I purchase a tax lien on a house, I'm issued a Tax Certificate that basically says that I've purchased that lien and have right to collect?
Thanks again!
-Paul
yeah on the money lent +intrest. (not the actual property for that a forcloser has to happen after the dept goes for X amount of time but don't ask me what X is im trying to find that out myself!)
the return on tax certificates can be anywhere from 12% to like 25% or more it varries greatly from state to state as for ohio the return for tax certificates is the original investment + 18% simple monthy intrest in those few counties that offer tax certificates (ones with over 200,000 people) the rest of ohio does the deed auction thing. where the properties are forclosed by the courts and sold at auction, in the few places where theres a bid on the tax lien in ohio you bid down the intrest. "who will acept... 17% , 16%, 15% and so on"
my home state can be kind of confusing because it has 3 differnt ways of dealing with taxes. the straight deed sales (where you can buy the property outright)
tax leins over the counter (find the list pay the lien on a first come first serve basis)
and tax lien auctions (where theres an auction on a certain day and bidders bid down the interest. )
as for the lien to forcloser process in ohio its a complete mystery to me and im trying to get some definite answers but have been less then sucsessful so far.
ohio ofcorse is not a typical state as some only offer tax liens and some only offer tax sales and they can mix it up in weird ways.
anyone who can fill in my missing gaps about how long it takes from invest ment to begining forclosers to forcloser costs and procedure in ohio (i know it deals with courts in ohio) and with finding government owned properties id be very apricative. in the mean while i hope ive answered your questions!
take care,
be well and have a nice day!
pucx
pucx--(OH)----------
Actually, in some states the interest rate on liens or cerficates is less: 8% in OK, 9 or 10% in several other states, including MS and LA, I believe.
Also, certificates and liens are just different words that are used for the same sort of thing. Different states use different words. In AZ, for instance, they talk about "CPs" which is "certificate of purchases". In John Beck's "Free and Clear" program, he mentions some other phrases used in some other states.
Good Investing**********Ron Starr************
im aware of that, i have the system. since im not realy interested in stateds other then my own at this moment i was a little foggy on some of the lower rates. i knew there were those lower then 12 but i didnt want to give a lower number without knowing for sure.
thanks for the update!
pucx
im aware of that, i have the system. since im not realy interested in stateds other then my own at this moment i was a little foggy on some of the lower rates. i knew there were those lower then 12 but i didnt want to give a lower number without knowing for sure.
thanks for the update!
pucx
Only five counties in Ohio currently sell tax liens. Others are eligible to but do not. Specifics and whether or not the sell to individuals or companies (by bid) are different in each of those counties. The distinction between tax lien and tax certificate is not important in Ohio. In other states, such as IN, that distinction is VERY important. Regards.